Ex-Bankers Convicted Over €45 Million in Fortis Cum-Ex Deals (1)

Two former bankers were convicted in Germany over their roles in striking Cum-Ex deals by Fortis Bank, causing €45 million ($52.7 million) of damage to the country’s taxpayers.

The Frankfurt Regional Court sentenced Thomas S. to two years and seven months while Peter H. was sentenced to two years and six months for their crimes. Under German media law, the men can’t be fully identified.

“You didn’t care about the amount of damage you caused, you just wanted to make as much money as possible,” Judge Eva-Marie Distler said on Friday. “Pure greed drove you to do this, which is ...